Press Release |
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Ace Liberty and
('' Ace '' or "the Company'')
Interim Results
Ace Liberty and
Highlights
· Turnover up 145% at
· Profit before tax up 82% at
· Total equity attributable to shareholders of the parent now amounts to £13,768,606 (2014:
· Shildon House purchased
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· Portfolio as at
- Ends -
For further information, please contact:
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Tel: +44 (0) 20 7201 8340 |
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Tel: +44 (0) 20 7251 3762 |
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Tel: +44 (0)203 764 2341 |
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Media enquiries:
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Tel: +44 (0) 20 7398 7700 |
Notes to Editors
The
Ace is run by a board with extensive property experience, an excellent network of contacts and relevant professional qualifications. This sector expertise has allowed the Board to identify opportunities and act promptly to secure investments.
For more information on the Company please visit: http://acelibertyandstone.com/
Chairman's statement
I am pleased to present the Company's interim results for the half year ended
The Board has identified the following KPIs as relevant to evaluating the Group's performance. These are regularly monitored to ensure the Company maintains its desired progress.
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Six months ended |
Six months ended |
Year ended |
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GBP |
GBP |
GBP |
Value of Portfolio |
20,164,428 |
11,883,742 |
23,964,428 |
Portfolio annual rental income |
2,261,000 |
1,687,000 |
2,231,000 |
Total equity attributable to shareholders |
13,768,606 |
9,814,175 |
12,410,366 |
Rental income per quarter |
494,786 |
202,247 |
300,296 |
Profit after tax per quarter |
205,637 |
111,296 |
189,756 |
On
Ace has announced the purchase of Shildon House Gateshead for
Within the last few days, Ace also announced the unconditional sale of Hume House for
The Company announced on 21 January the appointment of Hybridan as its corporate broker. This appointment is expected to result in increased activity in the trading of the Company's shares, which should be of benefit to all shareholders.
The Directors value the continued support of shareholders and note with satisfaction the additional share capital of
Chairman |
Unaudited group statement of comprehensive income
for the six months ended
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Six months ended |
Six months ended |
Year ended |
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£ |
£ |
£ |
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Turnover |
989,571 |
404,494 |
1,201,185 |
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Administrative expenses |
(481,825) |
(386,479) |
(887,425) |
Fair value adjustment |
200,000 |
350,000 |
1,186,983 |
Finance costs |
(210,240) |
(111,943) |
(277,705) |
Finance income |
16,587 |
25,719 |
43,743 |
Share-based payment charge |
- |
- |
(211,200) |
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Profit for the period |
514,093 |
281,791 |
1,055,581 |
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Taxation |
(102,819) |
(59,200) |
(296,559) |
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Profit from continuing operations |
411,274 |
222,591 |
759,022 |
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Basic |
0.074 |
0.064 |
0.177 |
Diluted |
0.065 |
0.063 |
0.156 |
Unaudited group statement of financial position
at
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Six months ended |
Six months ended |
Year ended |
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£ |
£ |
£ |
ASSETS |
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Non-current assets |
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Investment properties |
20,164,428 |
11,883,742 |
23,964,428 |
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Current assets |
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Trade and other receivables |
364,257 |
666,365 |
128,301 |
Cash and cash equivalents |
6,808,007 |
3,124,612 |
1,947,384 |
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7,172,264 |
3,790,977 |
2,075,685 |
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TOTAL ASSETS |
27,336,692 |
15,674,719 |
26,040,113 |
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EQUITY AND LIABILITIES |
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Current Liabilities |
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Trade and other payables |
1,133,064 |
527,492 |
1,100,447 |
Borrowings |
2,597,483 |
275,468 |
2,533,421 |
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3,730,547 |
802,960 |
3,633,868 |
Non-current liabilities |
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Borrowings |
7,855,564 |
3,344,216 |
8,052,269 |
Other payables |
918,524 |
918,491 |
918,524 |
Deferred tax |
467,254 |
141,012 |
364,435 |
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9,241,342 |
4,403,719 |
9,335,228 |
EQUITY |
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Issued capital and reserves |
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Share capital |
5,582,691 |
4,680,295 |
5,238,340 |
Share premium reserve |
6,004,878 |
4,409,767 |
5,402,263 |
Share option reserve |
479,180 |
267,980 |
479,180 |
Other reserve |
462,500 |
- |
462,500 |
Retained earnings |
1,239,357 |
456,133 |
828,083 |
Total equity attributable to owners of the parent |
13,768,606 |
9,814,175 |
12,410,366 |
Non-controlling interests |
596,197 |
653,865 |
660,651 |
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14,364,803 |
10,468,040 |
13,071,017 |
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TOTAL EQUITY AND LIABILITIES |
27,336,692 |
15,674,719 |
26,040,113 |
for the six months ended
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Six months ended |
Six months ended |
Year ended |
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£ |
£ |
£ |
Profit/(loss) before tax |
514,093 |
281,791 |
1,055,581 |
Cash flow from operating activities |
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Adjustments for: |
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Finance income |
(16,587) |
(25,719) |
(43,743) |
Share-based payment charge |
- |
- |
211,200 |
Fair value adjustment |
(200,000) |
(350,000) |
(1,186,983) |
Decrease / (increase) in receivables |
(235,956) |
(226,108) |
311,956 |
Increase / (decrease) in payables |
190,312 |
(96,283) |
349,847 |
Tax paid |
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(44,773) |
Net cash (used) by operating activities |
251,862 |
(416,319) |
653,085 |
Cash flows from investing activities |
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Interest received |
16,587 |
25,719 |
43,743 |
Purchase of investment properties |
- |
(1,501,475) |
(12,745,178) |
Sale of investment properties |
4,000,000 |
- |
- |
Net cash (used) / generated by investing activities |
4,016,587 |
(1,475,756) |
(12,701,435) |
Cash flows from financing activities |
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Share issue, net of issue costs |
946,966 |
1,293,929 |
2,844,470 |
Payment for shares to be issued |
- |
- |
462,500 |
Short term loans advanced |
- |
- |
435,938 |
Long term loans advanced |
- |
701,637 |
7,702,500 |
Long term loan repaid |
(132,643) |
- |
(470,795) |
Equity dividend paid |
(222,149) |
(101,209) |
(101,209) |
Net cash generated by financing activities |
592,174 |
1,894,357 |
10,873,404 |
Net (decrease) / increase in cash and cash equivalents |
4,860,623 |
2,282 |
(1,174,946) |
Cash and cash equivalents at the beginning of the period |
1,947,384 |
3,122,330 |
3,122,330 |
Cash and cash equivalents at the end of the period |
6,808,007 |
3,124,612 |
1,947,384 |
The interim financial information set out herein does not constitute full financial statements within the meaning of Section 240 of the Companies Act 1985. The unaudited Group results have been prepared under the historical cost convention, in accordance with the Companies Act 1985 and applicable accounting standards in the
The interim report has been prepared using accounting policies consistent with those set out in the Company's Annual Report and Accounts for the period to
The interim report for the six months to
The Directors of
This information is provided by RNS